Corporate America and the federal government need to shut down for 30 days, billionaire investor Bill Ackman said on CNBC's "Halftime Report."
The "only answer" to the coronavirus pandemic is a complete shutdown of the country to help mitigate the coronavirus, which he describes as a problem showing "exponential compounding on a daily basis." The U.S. administration is finally taking "a lot of the necessary steps" but it's still short of what is needed.
At the rate the virus is still spreading, the American economy will enter a "depression-era period" and as many as a million Americans could die, Ackman said. The only solution is a shutdown and if it helps, the Trump administration can market it as an extended spring break with family.
"America will end as we know it," he said. "I'm sorry to say so, unless we take this option."
'Hell Is Coming' To Corporate America
Big banks already stopped buying back their own stocks and "hell is coming" to corporate America if those in industries don't follow suit, Ackman said.
First to go bankrupt will be the hotel and restaurant industry, Ackman said. One particular name is Hilton Hotels Corporation (NYSE: HLT) and the stock "is going to zero along with every other hotel company."
How To Save The World
The only solution to save capitalism is a "30-day shutdown," he said.
Grocery stores, pharmacies, and some restaurants can stay open and the American people are invited to sit on their couches and binge-watch movies or spend time with their loved ones.
"We gotta do the 30-day shutdown, and if the president has to bring out the National Guard to keep people in their homes, which I don't think he would need to do -- he should do it," Ackman said.